Bondowner Representative’s Damages Sample Clauses

Bondowner Representative’s Damages. Borrower recognizes that its default in making any payment as provided herein or in any other Loan Document as agreed to be paid when due, or the occurrence of any other Default hereunder or under any other Loan Document, will require Bondowner Representative to incur additional expense in servicing and administering the Loan, in loss to Bondowner Representative of the use of the money due and in frustration to Bondowner Representative in meeting its other financial and loan commitments and that the damages caused thereby would be extremely difficult and impractical to ascertain. Borrower agrees (a) that an amount equal to the Late Charge plus the accrual of interest at the Default Rate (as such terms are defined in Section C.1.1 and C.1.2 respectively) is a reasonable estimate of the damage to Bondowner Representative in the event of a late payment, and (b) that the accrual of interest at the Default Rate following any other Default is a reasonable estimate of the damage to Bondowner Representative in the event of such other Default, regardless of whether there has been an acceleration of the Loan evidenced hereby. Nothing in this Note shall be construed as an obligation on the part of Bondowner Representative to accept, at any time, less than the full amount then due hereunder, or as a waiver or limitation of Bondowner Representative’s right to compel prompt performance.
Sample 1
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Related to Bondowner Representative’s Damages

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